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JD.com beats estimates with strong second-quarter sales, rebounding from loss a year ago

Chinese e-commerce giant JD.com on Tuesday reported better-than-expected second-quarter revenue, boosted by stronger sales in its online retail business, sending its shares 5 per cent higher in pre-market trading.The Beijing-based company’s revenue rose 23 per cent year on year to 150.3 billion yuan (US$21.3 billion) in the quarter ended June 30. That was ahead of analysts’ forecast revenue of 147.49 billion yuan, according to IBES data from Refinitiv.Net income reached 618.8 million yuan, up… Source link

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E-commerce giants Alibaba and JD.com by far the dominant retailers in Asia-Pacific, Euromonitor study finds

Chinese e-commerce giants Alibaba Group Holding and JD.com were Asia-Pacific’s top retailers by sales last year, with combined revenues of US$444.5 billion, dwarfing Hong Kong’s GDP of US$363 billion. According to the Top 100 Retailers in Asia-Pacific report by global market research company Euromonitor International, Alibaba generated sales of US$243.5 billion last year, up by about a quarter from US$196.9 billion in 2017. Alibaba owns the South China Morning Post. JD.com, China’s second… Source link

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Ecommerce 

Newly released evidence exonerates JD.com founder Richard Liu of rape claim, his lawyers say

Lawyers for JD.com founder Richard Liu Qiangdong said evidence released by law enforcement officials in the United States exonerated the billionaire, who was accused of rape last year by a Chinese student at the University of Minnesota.“The evidence released today again reaffirms our strong belief from the very beginning that Mr Liu is innocent,” Jill Brisbois, a lawyer for Liu, said in a statement after the release of material in Minnesota on Wednesday.Prosecutors announced in December that… Source link

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JD.com adopts AI to drive growth in smaller cities and among female users amid wider e-commerce slowdown

Chinese e-commerce giant JD.com is exploiting artificial intelligence (AI) to help drive online consumption in smaller cities and among female users to help compensate for slowing growth in China’s e-commerce industry amid the uncertain economic climate.Zhou Bowen, head of AI at JD.com, said the company’s AI-powered SnapShop, which allows users to take a photo of a product and provide identical and similar product recommendations, is helping it grow business in smaller cities and among young… Source link

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Chinese start-up Neolix bets on robo-vans for deliveries, signs up JD.com and Huawei as customers

Forget drones. The future of deliveries may be robo-vans.A Chinese start-up called Neolix kicked off mass production of its self-driving delivery vehicles on Friday – saying it’s the first company globally to do so – and has lined up giants such as JD.com and Huawei Technologies as customers. Neolix expects to deliver a thousand of the vehicles, which resemble tiny vans, within the first year as it broadens out.The implications are potentially huge: Billionaire Jack Ma predicts there will be 1… Source link

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Ecommerce 

Chinese tech giants Tencent, Baidu and JD.com spend more to find new revenue sources amid slowing growth

Three of China’s biggest tech companies are expected to report that they ramped up or broadly maintained their pace of quarterly spending to develop new technology and push into relatively new markets, as current growth drivers stall.Used to rapid growth rates until recently, Chinese tech giants including Tencent and Baidu are seeking new revenue streams. But that has not come cheap as they shell out more to hire the best in a competitive job market and keep spending to attract customers in a… Source link

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Ecommerce 

Pinduoduo founder calls for openness in e-commerce as battle with Alibaba and JD.com escalates

The founder of group-buying platform Pinduoduo has called for more open competition for the benefit of merchants and consumers amid increasing rivalry in China’s e-commerce industry where merchants are often forced to choose sides.The current “forced exclusivity” in the e-commerce market, where merchants and customers are constrained to a certain platform or choice of payment method, will hurt the industry in the long term, Pinduoduo founder and chief executive Colin Huang Zheng said in his… Source link

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Ecommerce 

JD.com describes lawsuit as ‘meritless’ after Minnesota student accuses Richard Liu of rape in US

JD.com said it will defend itself vigorously after a University of Minnesota student accused Richard Liu, the billionaire founder and CEO of China’s second biggest e-commerce company, of rape in a lawsuit filed in Minneapolis on Tuesday, four months after prosecutors declined to pursue a criminal case.The lawsuit, which JD’s lawyers described as meritless, also names JD.com as a defendant and seeks more than US$50,000 in damages. The student, Liu Jingyao, is identified in the complaint as a… Source link

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JD.com pushes further into smart cities, offering social credit and AI-powered tools to local governments in China

JD.com has launched a big data-powered service to give social credit scores to individuals, businesses and potential investors for local governments in China, as the e-commerce company ventures further into the smart cities space.Unveiling a new brand, JD iCity, the Beijing-based company said on Thursday that it wants to double down on the intelligent city business by providing big data and artificial intelligence-powered tools to local governments. The services can be used to build social… Source link

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